Nearly All Commercial Lines Saw Premium Increases Again in August

All commercial insurance lines except workers compensation experienced year-over-year increases in average premium renewal rate in August, according to the IVANS Index, a regular premium renewal rate index compiled by the IVANS insurance exchange service.

Businessowners policy (BOP) and commercial property continue to see the highest premium renewal rate increases year-over-year, IVANS reported.

On a month-over-month basis, commercial auto, BOP, general liability, and workers compensation saw increases in premium renewal rate change, while commercial property and umbrella experienced decreases, according to IVANS.

Premium renewal rate changes by the line of business during August include the following.

• Commercial auto. The average premium renewal rate increase for commercial auto was 4.87 percent, up from a 4.76 percent increase in July.
• BOP. The average premium renewal rate increase of 6.44 percent was up from a 6.28 percent increase a month earlier.
• General liability. The average premium renewal rate increase for general liability was 4.98 percent in August, up from 4.65 percent the prior month.
• Commercial property. The average premium renewal rate increase of 6.57 percent was down from a 6.62 percent increase in July.
• Umbrella. The average premium renewal rate increase for umbrella coverage was 4.9 percent in August, down from 5.49 percent the prior month.
• Workers compensation. The average premium renewal rate for workers compensation decreased 0.97 percent in August, up from a 1.24 percent increase in July.

Released on a monthly basis, the IVANS Index analyzes more than 120 million data transactions to measure premium renewal rate change year-over-year across the US market.